Oil prices maintained their upward trajectory during today’s trading session, with Brent crude rising to $75.98 per barrel, while West Texas Intermediate (WTI) climbed to $72.01. This movement reflects price stability around the $70 level, a significant psychological and technical support, indicating strong demand despite fluctuations in global supply.
The market faced supply pressures as a Ukrainian drone attack on a Russian oil pumping facility led to a reduction in oil flows through the Caspian Pipeline Consortium (CPC) by up to 40%, equivalent to a loss of 380,000 barrels per day. Simultaneously, a severe cold wave in the United States resulted in a production cut of approximately 150,000 barrels per day in North Dakota, further boosting prices due to supply shortage concerns.
Amid these challenges, speculation is growing that the OPEC+ alliance may delay its planned production increase in April, a move that could add further upward momentum to prices if implemented. The alliance closely monitors market developments, particularly with continued strong demand from Asian markets, which may prompt it to reassess its strategy to maintain market balance.
On the political front, the United States is seeking negotiations with Russia to end the war in Ukraine, a development that could impact oil flows if sanctions are eased. However, analysts believe that current sanctions primarily affect the destination of Russian exports rather than overall production levels. Meanwhile, policies announced by former U.S. President Donald Trump, such as imposing tariffs on cars and semiconductors, could influence global oil demand, adding an element of uncertainty to price movements in the near term.
